December 2010 Newsletter

Many people in the country today fear for their financial security. Whether unemployed, underemployed, or simply underpaid, most of us are looking for new ways we can increase our household revenue. One way many households are supplementing their income, is by bringing in a tenant. Since many of you are probably not familiar with the process, we have dedicated December’s newsletter to providing you with more insight on the subject.

House Made of Money For those without rental properties, a common solution is to rent out a room in your house, either on a month-to-month basis or for a fixed duration of time. To rent out a furnished or unfurnished room, you will need a Room Lease Agreement which will detail the terms of the lease, how the premises are to be used, payment information, pet policy, utilities responsibilities, and maintenance, as well as any additional terms you wish to add.

Renting out your entire house is also an option. Maybe you’re going away on vacation, have a second home that often sits empty, or have moved out of a home you are trying to sell. In any of these situations, it may be a good idea to bring on a rent-paying tenant that will abide by the terms you set out in a House Lease Agreement .

Whatever your rental plan might be, it is important to find tenants with good credit and rental history. By downloading a Residential Rental Application and having a prospective tenant fill it out, you will have permission to run a thorough background check on them. Once you have your results, you can comfortably make a decision whether or not to let the prospective tenant into your home. Remember, taking some extra time to vet your prospective tenant may spare you some frustration down the road.

When you find a tenant whose needs match your own, you will still need to accurately document the current condition of the premises your tenant will occupy. And because most of us don’t have perfect memory, a signed Move-In / Move-Out Inspection Checklist will be necessary in determining how much of the security deposit should be withheld to cover damages when the tenant moves out.

If you would like to ask a real estate attorney a question about the rental laws in your state, click here.

Sincerely,

Bahman Eslamboly

Founder

LawGuru.com

For Your Amusement:

December’s Weird Law

In the state of Florida, it is illegal to sing in a public place while attired in a swimsuit.

Even if you are renting a room in your own house, many of the state and local laws governing landlord/tenant relationships still apply.

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